Sun Communities (NYSE:SUI) Rating Lowered to Sell at StockNews.com

StockNews.com downgraded shares of Sun Communities (NYSE:SUI - Free Report) from a hold rating to a sell rating in a research report sent to investors on Wednesday.

A number of other research firms have also recently commented on SUI. Bank of America cut shares of Sun Communities from a "neutral" rating to an "underperform" rating and reduced their price target for the stock from $147.00 to $114.00 in a report on Tuesday, November 12th. Truist Financial increased their price target on Sun Communities from $127.00 to $138.00 and gave the stock a "hold" rating in a report on Tuesday, August 13th. UBS Group downgraded Sun Communities from a "buy" rating to a "neutral" rating and decreased their price objective for the company from $155.00 to $134.00 in a report on Thursday, November 14th. Wells Fargo & Company lifted their price target on shares of Sun Communities from $123.00 to $154.00 and gave the company an "equal weight" rating in a research report on Thursday, September 19th. Finally, Robert W. Baird cut shares of Sun Communities from an "outperform" rating to a "neutral" rating and reduced their price objective for the company from $145.00 to $126.00 in a report on Thursday, November 7th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $139.08.

Sun Communities Stock Performance

SUI stock traded down $0.38 during mid-day trading on Wednesday, hitting $126.23. 861,338 shares of the company were exchanged, compared to its average volume of 831,333. Sun Communities has a 1-year low of $110.98 and a 1-year high of $147.83. The business has a 50 day simple moving average of $133.55 and a 200-day simple moving average of $127.33. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93. The stock has a market capitalization of $16.08 billion, a PE ratio of 68.07, a price-to-earnings-growth ratio of 0.53 and a beta of 0.91.

Sun Communities (NYSE:SUI - Get Free Report) last released its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share for the quarter, missing the consensus estimate of $2.51 by ($0.20). Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The business had revenue of $939.90 million during the quarter, compared to analyst estimates of $980.41 million. During the same period last year, the business earned $2.57 earnings per share. The business's quarterly revenue was down 4.4% compared to the same quarter last year. On average, equities analysts forecast that Sun Communities will post 6.78 earnings per share for the current year.

Sun Communities Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 2.98%. The ex-dividend date of this dividend was Monday, September 30th. Sun Communities's dividend payout ratio is presently 202.15%.

Institutional Investors Weigh In On Sun Communities

Several hedge funds have recently added to or reduced their stakes in the company. National Bank of Canada FI increased its holdings in shares of Sun Communities by 499.9% in the first quarter. National Bank of Canada FI now owns 157,977 shares of the real estate investment trust's stock worth $18,562,000 after buying an additional 131,641 shares during the period. CANADA LIFE ASSURANCE Co raised its position in shares of Sun Communities by 3.9% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 176,868 shares of the real estate investment trust's stock worth $22,733,000 after acquiring an additional 6,704 shares in the last quarter. Crewe Advisors LLC purchased a new position in Sun Communities during the 1st quarter valued at about $90,000. Canada Pension Plan Investment Board boosted its position in shares of Sun Communities by 5.5% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,422,792 shares of the real estate investment trust's stock worth $182,943,000 after purchasing an additional 74,310 shares in the last quarter. Finally, 1832 Asset Management L.P. increased its position in shares of Sun Communities by 13.4% during the first quarter. 1832 Asset Management L.P. now owns 69,400 shares of the real estate investment trust's stock valued at $8,923,000 after acquiring an additional 8,200 shares in the last quarter. Institutional investors own 99.59% of the company's stock.

Sun Communities Company Profile

Established in 1975, Sun Communities, Inc became a publicly owned corporation in December 1993. The Company is a fully integrated REIT listed on the New York Stock Exchange under the symbol: SUI. As of December 31, 2023, the Company owned, operated, or had an interest in a portfolio of 667 developed MH, RV and Marina properties comprising 179,310 developed sites and approximately 48,030 wet slips and dry storage spaces in the U.S., the UK and Canada.